Sep 2026 (Q3 FY26) — Oct 22, 2026
Dow Inc. Q3 FY26 — Strong Self-Help Execution Drives Earnings Growth Amidst Volatile Markets
Read the full callDow earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,267 | +13.0% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Sep 2026 | Not in the filed figures for the quarter to sep 2026. No older figure is substituted. | ||
| Net profit | 458 | +638.7% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
32 of 40 judged targets kept · 62 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cost savings run-rate milestones | about a 60% run rate by fourth quarter 2025 and a full run rate by mid-2026 | Dec 2024 | we have materially completed the remaining cost savings associated with the $1 billion program that we announced in January 2025 | Achieved |
| Sadara strategic review with Aramco completed | targeted to be completed during the first half of 2026 | Dec 2025 | We also continue to make progress with our partner, Aramco, related to Sadara, all aimed at ensuring long-term success that optimizes each shareholders' value. | Diluted |
| Packaging & Specialty Plastics first quarter drivers | higher sequential integrated margins, against an approximately $75 million equity-earnings and licensing headwind and an approximately $125 million Louisiana cracker maintenance headwind | Dec 2025 | Operating EBIT was $208 million, driven by lower integrated margins and higher planned maintenance activity. | Missed |
8 of DOW INC.'s 102 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 99 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $21.7 on 22 Oct 2025 → $32.61. High $41.87 (30 Mar 2026), low $20.95 (20 Nov 2025).
Overview
Guidance
32 of 40 judged targets kept · 62 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cost savings run-rate milestones | about a 60% run rate by fourth quarter 2025 and a full run rate by mid-2026 | Dec 2024 | we have materially completed the remaining cost savings associated with the $1 billion program that we announced in January 2025 | Achieved |
| Sadara strategic review with Aramco completed | targeted to be completed during the first half of 2026 | Dec 2025 | We also continue to make progress with our partner, Aramco, related to Sadara, all aimed at ensuring long-term success that optimizes each shareholders' value. | Diluted |
| Packaging & Specialty Plastics first quarter drivers | higher sequential integrated margins, against an approximately $75 million equity-earnings and licensing headwind and an approximately $125 million Louisiana cracker maintenance headwind | Dec 2025 | Operating EBIT was $208 million, driven by lower integrated margins and higher planned maintenance activity. | Missed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 102 tracked commitments, with each call’s wording and source.
Call summaries
Dow Inc. Q3 FY26 — Strong Self-Help Execution Drives Earnings Growth Amidst Volatile Markets
Read the full callDow Q2 FY26 — Strong Earnings Growth Driven by Self-Help Actions and Market Tailwinds
Read the full callDow Q1 FY26 — Strong Operational Execution Amidst Middle East Conflict
Read the full callEvery analysed call
Financials
Net profit, year on year: +639% (quarter to sep 2026 against sep 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 10,879 | 10,405 | 10,431 | 10,104 | 9,973 | 9,460 | 9,794 | 11,267 |
| Other income | 119 | 159 | 13 | 147 | 185 | -205 | 121 | 50 |
| Profit before tax | 324 | 219 | -374 | -659 | 70 | -1,548 | -390 | 642 |
| Tax rate | 25.9% | 116.0% | 22.5% | −21.6% | −77.1% | 4.6% | −14.1% | 18.2% |
| Net profit | 214 | — | -307 | -835 | 62 | — | -533 | 458 |
| EPS ($ per share) | 0.30 | — | -0.44 | -1.18 | 0.08 | — | -0.74 | 0.63 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 35,460 | 17,045 | 16,361 | 20,623 | 23,180 | 21,774 | 20,909 | 16,781 |
| Total liabilities | 50,078 | 46,430 | 48,465 | 44,251 | 39,356 | 38,859 | 39,461 | 41,016 |
| Fixed assets | 21,418 | 20,996 | 20,239 | 20,555 | 20,442 | 21,066 | 22,004 | 22,250 |
| Investments | 100 | 21 | — | — | — | — | — | — |
| Total assets | 83,699 | 60,524 | 61,470 | 62,990 | 60,603 | 57,967 | 57,312 | 58,538 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,254 | 5,930 | 6,226 | 7,009 | 7,475 | 5,196 | 2,914 | 1,032 |
| Cash from investing | -2,195 | -2,192 | -841 | -2,914 | -2,970 | -2,928 | -2,368 | -2,126 |
| Cash from financing | -5,404 | -4,095 | -2,764 | -6,071 | -3,361 | -3,115 | -1,168 | 2,508 |
| Net cash flow | -3,444 | -384 | 2,728 | -2,075 | 907 | -892 | -785 | 1,689 |
| Capital expenditure | -2,205 | -2,037 | -1,257 | -1,593 | -2,013 | -2,571 | -3,143 | -2,636 |
| Free cash flow | 2,049 | 3,893 | 4,969 | 5,416 | 5,462 | 2,625 | -229 | -1,604 |
Industrial Intermediates Infrastructure shrank from 28% to 27% of revenue over the last two years.
| Segment | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Packaging Specialty Plastics | 51% | 51% | 50% | — | — | 50% | 53% | 51% | — |
| Industrial Intermediates Infrastructure | 28% | 27% | 28% | 28% | 28% | 27% | 26% | 27% | +7.9% |
| Performance Materials Coatings | 19% | 20% | 21% | 21% | 20% | 21% | 20% | 20% | +8.1% |
| Corporate | 2% | 2% | 2% | 2% | — | — | 1% | 2% | +9.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Q3 FY2026 · share of revenue
As DOW cuts its regions in its filings; they can nest, so they need not add to 100%.
62 filings between Nov 3, 2025 and Jul 1, 2026.
Nobody bought or sold DOW on the open market in this window. The filings below are 34 awards and 28 dispositions to the issuer.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 1, 2026 | Carter Karen S Chief Executive Officer | Award | 24,150 | $0 |
| Apr 9, 2026 | Wyant Jill S Director | Award | 5,127 | $0 |
| Apr 9, 2026 | Yohannes Daniel Director | Award | 5,127 | $0 |
| Apr 9, 2026 | Hinman Jacqueline C. Director | Award | 5,127 | $0 |
| Apr 9, 2026 | DAVIS RICHARD K Director | Award | 5,127 | $0 |
| Apr 9, 2026 | FETTIG JEFF M Director | Award | 5,127 | $0 |
| Apr 9, 2026 | Dial Debra L. Director | Award | 5,127 | $0 |
| Apr 9, 2026 | Banister Gaurdie E. JR. Director | Award | 5,127 | $0 |
| Apr 9, 2026 | BUSH WESLEY G Director | Award | 5,127 | $0 |
| Apr 9, 2026 | DEVARD JERRI Director | Award | 5,127 | $0 |
| Apr 9, 2026 | Moreno Mejia Luis Alberto Director | Award | 5,127 | $0 |
| Apr 9, 2026 | ALLEN SAMUEL R Director | Award | 5,127 | $0 |
| Feb 26, 2026 | SAMPSON JOHN MAURICE Senior Vice President | Disposition to issuer | 3,016 | $90.2K |
| Feb 26, 2026 | Argenton Andre Chief Tech & Sustainability | Disposition to issuer | 103 | $3.1K |
| Feb 26, 2026 | Wilson Amy E General Counsel / Secretary | Disposition to issuer | 3,718 | $111.2K |
| Feb 26, 2026 | Cleason Keith President, Pkg & Spec Plastics | Disposition to issuer | 686 | $20.5K |
| Feb 26, 2026 | Lange Philo Brendy President, Perf Mat & Coatings | Disposition to issuer | 621 | $18.6K |
| Feb 26, 2026 | Argenton Andre Chief Tech & Sustainability | Disposition to issuer | 688 | $20.6K |
| Feb 26, 2026 | Bryant Lisa Chief Human Resources Officer | Disposition to issuer | 1,763 | $52.7K |
| Feb 26, 2026 | Dominowski Andrea L Controller and Vice President | Disposition to issuer | 282 | $8.4K |
| Feb 26, 2026 | Carter Karen S Chief Operating Officer | Disposition to issuer | 2,969 | $88.8K |
| Feb 12, 2026 | Fitterling James R Chair and CEO | Award | 68,230 | $0 |
| Feb 12, 2026 | Wilson Amy E General Counsel / Secretary | Award | 13,000 | $0 |
| Feb 12, 2026 | Tate Jeffrey L. Chief Financial Officer | Award | 21,200 | $0 |
| Feb 12, 2026 | Lange Philo Brendy President, Perf Mat & Coatings | Award | 10,000 | $0 |
| Feb 12, 2026 | Lange Philo Brendy President, Perf Mat & Coatings | Award | 1,972 | $0 |
| Feb 12, 2026 | Carter Karen S Chief Operating Officer | Award | 24,440 | $0 |
| Feb 12, 2026 | Dominowski Andrea L Controller and Vice President | Award | 3,620 | $0 |
| Feb 12, 2026 | Carter Karen S Chief Operating Officer | Award | 10,224 | $0 |
| Feb 12, 2026 | Wilson Amy E General Counsel / Secretary | Award | 14,120 | $0 |
| Feb 12, 2026 | SAMPSON JOHN MAURICE Senior Vice President | Award | 10,316 | $0 |
| Feb 12, 2026 | Dominowski Andrea L Controller and Vice President | Award | 831 | $0 |
| Feb 12, 2026 | Argenton Andre Chief Tech & Sustainability | Award | 2,405 | $0 |
| Feb 12, 2026 | Argenton Andre Chief Tech & Sustainability | Award | 2,352 | $0 |
| Feb 12, 2026 | Argenton Andre Chief Tech & Sustainability | Award | 10,570 | $0 |
| Feb 12, 2026 | Argenton Andre Chief Tech & Sustainability | Award | 302 | $0 |
| Feb 12, 2026 | Bryant Lisa Chief Human Resources Officer | Award | 7,800 | $0 |
| Feb 12, 2026 | Bryant Lisa Chief Human Resources Officer | Award | 6,164 | $0 |
| Feb 12, 2026 | ten Bruggencate Marco President, Ind Interm & Infras | Award | 9,170 | $0 |
| Feb 12, 2026 | ten Bruggencate Marco President, Ind Interm & Infras | Award | 1,453 | $0 |
| Feb 12, 2026 | Cleason Keith President, Pkg & Spec Plastics | Award | 10,420 | $0 |
| Feb 12, 2026 | Cleason Keith President, Pkg & Spec Plastics | Award | 2,023 | $0 |
| Feb 12, 2026 | SAMPSON JOHN MAURICE Senior Vice President | Award | 11,420 | $0 |
| Feb 9, 2026 | Cleason Keith President, Pkg & Spec Plastics | Disposition to issuer | 298 | $9.6K |
| Feb 9, 2026 | SAMPSON JOHN MAURICE Senior Vice President | Disposition to issuer | 1,510 | $48.4K |
| Feb 9, 2026 | Wilson Amy E General Counsel / Secretary | Disposition to issuer | 1,904 | $61.1K |
| Feb 9, 2026 | Fitterling James R Chair and CEO | Disposition to issuer | 9,551 | $306.4K |
| Feb 9, 2026 | Lange Philo Brendy President, Perf Mat & Coatings | Disposition to issuer | 386 | $12.4K |
| Feb 9, 2026 | Carter Karen S Chief Operating Officer | Disposition to issuer | 1,498 | $48.1K |
| Feb 9, 2026 | Dominowski Andrea L Controller and Vice President | Disposition to issuer | 385 | $12.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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